Dollar continues downward trend against PKR for ninth consecutive session
The Pakistan rupee continued to strengthen on Wednesday in the interbank market, surging by Rs2.14 against the US dollar during morning trade.
The Pakistani rupee was trading at Rs223.50 per dollar at 10 am, up by 0.95 percent from yesterday’s close of Rs225.64, according to data from the Forex Association of Pakistan (FAP).
During the last 8 days, the value of the dollar has decreased by Rs14.7 or 5.87%.
Economic analysts have attributed the rupee’s strength to a decline in the country’s import bill in September and expecting from new finance minister Ishaq Dar to take steps to stabilise the current rate.
Mohammad Sohail, chief executive officer (CEO) of brokerage house Topline Securities, said, “The fall in imports in September is helping the rupee’s appreciation, and due to the speculations that the new finance minister will stabilize the rupee.”
Exchange Companies Association of Pakistan General Secretary Zafar Pracha also attributed the sharp appreciation in the value of the PKR to factors such as lower imports last month and a 20 percent reduction in the trade deficit on a monthly basis.